Arvind gains after entering into pact with Gap Inc

Arvind rose 2.20% to Rs 258.30 at 9:46 IST on BSE after the company said its subsidiary, Arvind Lifestyle Brands, has entered into an agreement with Gap Inc., to open Gap stores in India.

The company made the announcement during trading hours today, 22 August 2014.

Meanwhile, the BSE Sensex was up 75.40 points, or 0.29%, to 26,435.51.

On BSE, so far 2.50 lakh shares were traded in the counter, compared with an average volume of 4.42 lakh shares in the past one quarter.

The stock hit a high of Rs 259.80 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 253.50 so far during the day. The stock hit a 52-week low of Rs 70.25 on 22 August 2013.

The stock had outperformed the market over the past one month till 21 August 2014, rising 7.60% compared with 2.51% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.51% as against Sensex's 8.49% rise.

The mid-cap company has an equity capital of Rs 258.21 crore. Face value per share is Rs 10.

Gap Inc., which sells brands such as Banana Republic, Old Navy and Piperlime, operates both company-owned stores and franchise stores around the world.

On a consolidated basis, Arvind's net profit rose 33.9% to Rs 90.51 crore on 16.9% growth in net sales to Rs 1754.30 crore in Q1 June 2014 over Q1 June 2013.

Arvind is India's largest textiles & clothing conglomerate, having achieved a turnover in excess of $1 billion in FY 2013-14. It enjoys a global leadership position in textiles as well as carries an unmatched domestic portfolio of apparel brands and retail formats

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